TMC Stock Forecast & Price Target

TMC The Metals Co is in the process of securing an exploration license and commercial recovery permit after receiving a determination of full compliance from NOAA, and is expected to commence initial commercial production in 4Q27 with significant and accelerating support from the US government. With ~$110 million in cash and ~$154 million in liquidity, TMC is well-positioned for at least the next 12 months and also retains a ~25% equity stake in TMCR, providing additional financial strength. Additionally, TMC's exclusive lease in Brownsville, Texas for a future processing facility and its status as the only company with commercially viable deep-sea mining reserves puts it in a strong position for future growth.

TMC The Metals Co is expected to receive a permit grant within the next 12 months due to a consolidated permitting process, allowing them to leverage previous environmental studies and advance towards commercial production. However, funding, macroeconomic factors, geopolitical risks, competition, and execution risks could all impact the attainment of our $10 price target and OUTPERFORM rating. Additionally, we note that TMC's equity ownership in The Metals Royalty and the right to repurchase up to 75% of the NORI Royalty at a capped return adds potential for value creation for shareholders.